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Updated over 6 years ago on . Most recent reply

User Stats

39
Posts
28
Votes
Garrett Ellison
  • Baton Rouge, LA
28
Votes |
39
Posts

Getting Pre-approved before making rapid offers. Details?

Garrett Ellison
  • Baton Rouge, LA
Posted

I've got some funds secured for buying my first rental property!  However, I have a couple of newbie questions.  I feel like some of these small details get left out in the podcasts.

I'm assuming I should get pre-approved before I start making offers.  How did y'all most easily complete this step?  I've also heard that you should only get your pre-approval letter for the exact amount that you're offering, otherwise the seller will assume you could raise your offer.

How did y'all complete this step?  Form a relationship with a local credit union and get them to write a different letter for each offer? Or just get a pre-approval letter for as high as your niche budget is?

Thanks!

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